African Development Bank Identifies Financing as Key Barrier to Rapid Transformation in Africa

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The African Development Bank (AfDB) has underscored the persistent challenge of financing as a major hurdle to expediting transformation across Africa.

Kevin Urama, AfDB’s Chief Economist and Vice President for Governance and Knowledge Management, addressed this issue during a press conference held in Abidjan on Wednesday.

The press conference, spearheaded by Vincent Nmehielle, Secretary-General of the bank group, and Kevin Urama, alongside other vice presidents, aimed at outlining the agenda for the upcoming annual meetings.

 

Urama provided insights into the itinerary, revealing that the bank plans to host two thematic events focused on specific themes. These events emphasis the pivotal role of research in driving Africa’s transformation.

He emphasised a specific event focused on funding Africa’s evolution within the changing global financial landscape, remarking, “Our research has consistently revealed that securing finances remains a significant impediment to expediting transformation across the continent.”

 

Additionally, Urama mentioned that the annual meetings would feature various knowledge events, including the presidential dialogue and a high-level event to inaugurate the African Economic Outlook Report 2024, among others.

He elaborated on the theme of this year’s African Economic Outlook Report, which centres on Africa’s transformation and the reform of the global financial architecture, emphasizing the critical role of global financial systems in driving Africa’s development.

 

Additionally, Nmehielle stressed that the annual meetings serve as a statutory event of the bank, during which the boards of governors review the bank’s annual report, finances, operations, and other activities from the preceding financial year.

Nmehielle highlighted the significance of the governor’s dialogue, providing a platform for governors to engage with the president and senior management on the continent’s strategic issues.

He re-echoed that this year’s dialogue holds particular importance as the continent grapples with ongoing crises and will reflect on the bank group’s new 10-year strategy to accelerate Africa’s transformation in collaboration with other multilateral development banks.

 

The annual meeting is scheduled to take place from May 27 to May 31 in Nairobi, Kenya.

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